MBVIUHIGH SIGNALFINANCIAL10-Q
MBVIU's cash position improved dramatically from zero cash and a working capital deficit of $254,745 in June to $1.57 million in cash and positive working capital of $909,428 by September 30, 2025.
This represents a fundamental transformation in the company's financial stability, moving from a precarious cash-deficit position to having sufficient liquidity to fund operations. The timing coincides with the founder shares no longer being subject to forfeiture, suggesting the company has likely completed key milestones in its SPAC structure that unlocked both equity capital and cash resources for pursuing business combinations.
Comparing 2025-11-13 vs 2025-10-08View on EDGAR →
LANGUAGE CHANGES
NEW — 2025-11-13
PRIOR — 2025-10-08
ADDED
As such, the 1,125,000 founder shares are no longer subject to forfeiture (Note 5).
As of September 30, 2025, the Company had not commenced any operations.
As of September 30, 2025, the Company had cash of $ 1,569,890 and working capital of $ 909,428 .
Up to $ 1,500,000 of such Working Capital Loans (as defined in Note 5) may be converted into private placement warrants upon consummation of the Business Combination at a price of $ 1.50 per warrant.
The Company had $ 1,569,890 in cash and no cash equivalents as of September 30, 2025.
Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $ 250,000 .
Fair Value of Financial Instruments The fair value of the Company s assets and liabilities, which qualify as financial instruments under FASB ASC 820, Fair Value Measurements and Disclosures, approximates the carrying amounts represented in the condensed balance sheet, primarily due to its short-term nature.
Income Taxes The Company follows the asset and liability method of accounting for income taxes under ASC 740, Income Taxes ( ASC 740 ).
Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases.
Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.
REMOVED
Interim Financial Statements 1 Condensed Balance Sheet as of June 30, 2025 (Unaudited) 1 Condensed Statement of Operations for the period from June 5, 2025 (Inception) through June 30, 2025 (Unaudited) 2 Condensed Statement of Changes in Shareholder s Deficit for the period from June 5, 2025 (Inception) through June 30, 2025 (Unaudited) 3 Condensed Statement of Cash Flows for the period from June 5, 2025 (Inception) through June 30, 2025 (Unaudited) 4 Notes to Condensed Financial Statements (Unaudited) 5 Item 2.
CONDENSED STATEMENT OF OPERATIONS FOR THE PERIOD FROM JUNE 5, 2025 (INCEPTION) THROUGH JUNE 30, 2025 (UNAUDITED) General and administrative costs $ 45,258 Loss from operations ( 45,258 ) Net loss $ ( 45,258 ) Basic and diluted weighted average Class B ordinary shares outstanding (1) 7,500,000 Basic and diluted net loss per Class B ordinary share $ ( 0.01 ) (1) Excludes 1,125,000 Class B ordinary shares that were subject to forfeiture if the over-allotment option was not exercised in full or in part by the underwriters.
As of June 30, 2025, the Company had not commenced any operations.
As of June 30, 2025, there was $ 10,420 outstanding under advances from related parties.
As of June 30, 2025, the Company had no cash and working capital deficit of $ 254,745 .
Up to $ 1,500,000 of such Working Capital Loans may be converted into private placement warrants upon consummation of the Business Combination at a price of $ 1.50 per warrant.
Subsequent to the quarterly period covered by this report, on August 28, 2025, the Company consummated the Initial Public Offering of 34,500,000 Units, which includes the full exercise by the underwriters of their over-allotment option in the amount of 4,500,000 Units, at $ 10.00 per Unit, generating gross proceeds of $ 345,000,000 .
Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 5,333,333 Private Placement Warrants at a price of $ 1.50 per Private Placement Warrant, in a private placement to the Sponsor and Cantor, generating gross proceeds of $ 8,000,000 .
As a result of the Initial Public Offering, as of August 28, 2025, the Company had cash of $ 1,895,027 and working capital of $ 1,214,908 .
The Company had no cash or cash equivalents as of June 30, 2025.
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